Mineral Resources (MIN) investor relations material

Executive summary

• FY26 volume guidance upgraded across Mining Services, Onslow Iron, Wodgina, and Mt Marion, reflecting strong operational momentum and resilience to weather disruptions.

• Onslow Iron produced 7.8 million tons and shipped 7.2 million tons in Q3, with operations quickly recovering from cyclone impacts.

• Spodumene concentrate sales reached 115,000 tonnes SC6 at an average price of $2,105/ton, up 92% quarter-on-quarter.

• Net debt reduced to approximately AUD 4.5 billion, with liquidity increased to AUD 1.8 billion, demonstrating rapid deleveraging.

• Onslow Iron and lithium divisions highlighted as key free cash flow drivers.

Financial highlights

• Net debt as of 31 March 2026 reduced to ~$4.5B from $4.9B at 31 December 2025.

• Liquidity increased to $1.8B, including nearly $1B in cash and an undrawn $800M revolving credit facility.

• Onslow carry loan reduced to AUD 459 million and iron ore prepayment amortized to AUD 440 million.

• New $1.3 billion senior unsecured notes issued, reducing annual finance costs by AUD 48 million and weighted average cost of debt from 8.4% to 7.4%.

• CapEx for the quarter was AUD 240 million, tracking in line with expectations.

Outlook and guidance

• FY26 production volume guidance upgraded: mining services to 320–330 million tons, Onslow Iron to 17.7–19.4 million tons, Wodgina to 270,000–290,000 tonnes SC6, and Mount Marion to 210,000–230,000 tonnes SC6.

• Pilbara Hub volume guidance maintained at 9.0–10.0 million tons, with costs expected at the upper end of $75–80/wmt.

• Liquidity and leverage expected to improve further in the June quarter, targeting near or below 2x net leverage.

• Cost guidance maintained across all divisions despite elevated diesel prices expected in Q4.